Preparing for Transition: What are your Options?
By: Michael Levine, Principal, Advantage Talent, Inc.
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    The last four years have been challenging for senior level finance and accounting
professionals.  Some of these professionals have been at their jobs for ten years, but
these stories of longevity are quickly becoming the exception.  The recent drastic
changes in the economy have created an environment where job duration is
frequently less than two years.  If you are currently employed in the top
finance/accounting chair of your company, now may be a good time to think about
what you will do if/when your next transition becomes a reality.

    One of the questions I often hear from senior finance/accounting professionals is
‘Now that I’m in transition between jobs, should I work on contract?’  In some
ways, that’s like going to a doctor and asking during the first minute of the meeting
if you require brain surgery.  A bit of analysis is a good idea.

    Each person has a different set of skills and goals for their career.  For many
who ask me what they should do, this transition is the first one where they are not
moving from one job directly to another.  They don’t have any idea what their next
job is going be.  They also don’t have a solid plan of how they will find their next
job.  Who would have thought that the ‘stable’ career in accounting or finance
would lead them to this point?

    I like to know how they plan to use their time while in transition.  Are they going
to work 40+ hours per week networking and digging through the job boards, or do
they plan on becoming an expert in trimming their hedges or exploring the thought
process of the characters on their favorite TV show.  I also like to know ‘what is
your preference?  Are you interested more in a ‘permanent’ (I now consider this to
really be ‘salaried’) position, or do you want to use an uncommon capability in a
variety of different environments?  Some have a difficult time seeing themselves
doing anything other than working in a full-time salaried position and don’t want to
distract any effort from their search for the next job on their career path.  Some
others have a similar preference, but don’t have the financial cushion to be without
work for extended periods of time.  Still others have been thinking for years that
they have a special skill set and want to give consulting a try to see what its like.

    If you’re considering consulting during transition, you will want to be aware of a
few differences between consulting and a salaried job.  With rare exception, a
person’s professional strengths are not needed all of the time by all companies.  
Occasionally, you may find yourself in transition between consulting assignments.  
A good question to ask yourself is ‘can I handle a variable demand on the
commodity that I’m selling … my time.’  Some people like the flexibility of being
able to determine when they can take time off between consulting engagements.  
There is also a requirement that professionals who consult must be able to
communicate their strengths to potential buyers of their services.  The better a
person is in selling their strengths, the more they will be able to find consulting work
on their own.  If the skill of selling has not yet become a strength, you will want to
consider using a personnel service that specializes in finding opportunities for senior
finance and accounting professionals.

    Some advantages of consulting include the ability for you to keep your skills
sharp, improve cash flow, and get into environments that might have otherwise been
unavailable to you, or to put it another way, network.  You will also realize the
benefits of receiving compensation for time worked in excess of 40 hours per week,
and of being able to avoid many of the challenges of corporate politics.  It may take
some getting used to, but most professionals in transition who elect to consult figure
out a way to consult and conduct a search for a salaried position simultaneously.

If you have additional questions about consulting, feel free to reach me at
Mlevine@advantagetalentinc.com.

Originally published in the CFO Advocate—The Newsletter of the CFO Roundtables.
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